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Legacy planning is a sensitive subject that requires careful consideration to ensure your wishes are met when you pass away. Legacy planning involves more than just distributing personal assets; it includes preserving, planning, and ensuring a smooth transition. In addition, as a business owner or executive, it is equally important to consider what you leave behind for both your company and loved ones.

Here are some of the essential things needed for successful legacy planning.

Questions You Should Be Asking Yourself

By asking yourself the right questions during the legacy planning process, you can ensure that you are making the most informed and thoughtful decisions. Here are some key questions to consider.

What’s Most Important?

Take time in the beginning to identify the core values, beliefs, and principles that have driven your success and will continue to define your legacy.

The goal of your legacy plan is to define how these values will be preserved and communicated to future generations, both in your personal and business contexts. By defining what’s most important to you, you will have a clear path forwards in the legacy planning process. Ultimately, knowing this in the beginning will help create a more meaningful and impactful legacy for years to come.

Could This Be Controversial?

Another thing to consider is the potential for controversy or argument. You know what they say, plan for the best and prepare for the worst. Anticipating potential disagreements during the legacy planning process allows you and your financial planning team to prepare for them. This helps you create a plan that honors your legacy and is fair to everyone involved.

Who Will This Affect?

Your legacy plan may only affect your family, but as an executive or business owner, it is likely your legacy could affect employees and business partners as well.

As such, it’s crucial to identify the key players in your legacy plan and make sure that everyone is aware of your intentions. This can help avoid any misunderstandings or disagreements in the future.

Plan Considerations for Specific Assets

When it comes to legacy planning, there are a variety of assets to consider and plan for, each with its unique considerations and challenges. For example:

• Family Business

• Lifetime Giving Strategy

• Trusts

• Charitable Contributions

However, by working with a professional financial planning team, they can help you determine what’s best for achieving your legacy goals.

Getting Started on Your Legacy Planning

Effective legacy planning requires careful consideration of your priorities, assets, and the people affected by your decisions. By asking the right questions and addressing specific assets, you can create a plan that ensures your wealth is distributed according to your wishes.

Have questions about creating your unique legacy plan? Our financial planning and wealth management experts are here to help. Contact Us.